Friday, 30 January 2015
Union Investment sells joint venture stake in Paris office property (FR)
Union Investment has sold its 50% share in the joint venture established with GLL Real Estate in relation to the RFF office property on Avenue de France to Oxford Properties Group of Canada.
Union Investment held the stake in its open-ended real estate fund UniImmo: Deutschland for 11 years.
The building was constructed between 2002 and 2004 by project developer SORIF in the ZAC Rive Gauche development zone, directly opposite the national library, and was financed by Union Investment and GLL at the project stage.
A long-term pre-letting agreement with state railway company Réseau Ferré de France (RFF) provided the necessary security. Comprising an entire block, the property offers total usable space of approximately 21,835 m² and enjoys an attractive location directly on the Seine.
“We were able to successfully leverage selling opportunities in the Parisian market for our investors, thereby further reducing the age of our fund holdings,” said Philip La Pierre, head of Investment Management Europe at Union Investment Real Estate GmbH.
Source: Union Investment